EXHIBIT 11
KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE
(IN MILLIONS OF DOLLARS, EXCEPT PER SHARE AMOUNTS)
YEAR ENDED DECEMBER
31,
------------------------
1995 1994 1993
------ ------- -------
Primary:
Earnings:
Income (loss) before extraordinary loss and
cumulative effect of changes in accounting
principles........................................ $ 60.3 $(101.4) $(123.1)
Dividends on preferred stock:
Series A Shares................................... (9.1) (12.6) (6.3)
PRIDES............................................ (8.5) (7.5)
------ ------- -------
Income (loss) available to common shareholders
before extraordinary loss and cumulative effect of
changes in accounting principles.................. 42.7 (121.5) (129.4)
Extraordinary loss--net............................ (5.4) (21.8)
Cumulative effect of changes in accounting
principles--net................................... (507.3)
------ ------- -------
Net income (loss) available to common shareholders. $ 42.7 $(126.9) $(658.5)
====== ======= =======
Shares (000):
Weighted average common shares outstanding......... 58,267 58,139 57,423
Weighted average shares arising from redemption of
Series A Shares................................... 3,705
Weighted average shares arising from conversion of
PRIDES............................................ 29
Assuming exercise of nonqualified stock options.... 263
------ ------- -------
Weighted average common and common equivalent
shares............................................ 62,264 58,139 57,423
====== ======= =======
Primary earnings (loss) per common and common
equivalent share:
Income (loss) before extraordinary loss and
cumulative effect of changes in accounting
principles......................................... $ .69 $ (2.09) $ (2.25)
Extraordinary loss.................................. (.09) (.38)
Cumulative effect of changes in accounting
principles--net.................................... (8.84)
------ ------- -------
Net income (loss)................................... $ .69 $ (2.18) $(11.47)
====== ======= =======
Fully diluted:(1)
Earnings:
Income before extraordinary loss................... $ 60.3
Dividends on PRIDES................................ (8.5)
------
Net income available to common and common
equivalent shareholders........................... $ 51.8
======
Shares (000):
Weighted average common shares outstanding......... 58,267
Additional shares arising from redemption of Series
A Shares.......................................... 13,127
Additional shares arising from conversion of
PRIDES............................................ 151
Assuming exercise of nonqualified stock options.... 264
------
Weighted average common and common equivalent
shares............................................ 71,809
======
Fully diluted earnings per common and common
equivalent share.................................... $ .72
======
- --------
(1) As a result of the redemption of the Series A Shares and conversion of
181,700 shares of PRIDES during the 1995 period, fully diluted earnings per
share are presented for such period, even though the result is
antidilutive. For the 1994 and 1993 periods, common equivalent shares
attributable to the preferred stock and non-qualified stock options were
excluded from the calculation of weighted average shares because they were
antidilutive.